"I think I've made enough money," Watkins said, per Adam Teicher of ESPN. "I'd love more money but as far as being smart and [staying] on this team, knowing you've got to pay Pat [Mahomes], you've got to pay Chris [Jones], there's a lot of guys you've got to pay. So for me to take a contract like I did was a blessing. ... This is my happy place, so why not take a smaller contract and come out and play with the guys I've been playing with?"
Watkins will make $9 million in 2020 after restructuring his contract. He was originally set to make $14 million in the final year of his deal.
While Watkins did technically make a sacrifice, it's likely the $9 million he's making is more than he would have gotten on the open market. Watkins recorded 52 receptions for 673 yards and three touchdowns. It was his fourth straight season under 700 receiving yards and his fifth straight missing time because of injuries.
Still, Watkins came up big in the Chiefs' Super Bowl run. He had seven receptions for 114 yards and a touchdown in the AFC Championship Game win over the Tennessee Titans and added 98 yards on five grabs in Super Bowl LIV.
"Very important to stay," Watkins said. "For what we did in winning the Super Bowl and the type of team and coaches we have, the organization, why wouldn't I stay? I'm a guy that's been in the league going on seven years and I've been on teams that were not so good and were not winning.
"We've got a well-established quarterback, a well-established team, coaches, organization. The real fun is in the winning more than anything.''
The Chiefs are currently considered 4-1 favorites to repeat as Super Bowl champions by Caesars Palace.